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Brent oil price jumps 5% as Iran's energy facilities hit
World News
18-03-2026 | 09:41
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Brent oil price jumps 5% as Iran's energy facilities hit
Oil prices surged on Wednesday after U.S.-Israeli strikes hit Iranian facilities at a major Gulf gas field, prompting Tehran to call for retaliatory strikes on energy infrastructure.
Brent North Sea crude jumped over five percent to $108.60 per barrel, while the main U.S. oil contract, West Texas Intermediate, climbed 1.9 percent to $98.01.
The strikes hit the South Pars/North Dome mega-field, the largest known gas reserve in the world, supplying around 70 percent of Iran's domestic natural gas.
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